Why do you need Severe Illness Cover if you are on a medical aid?

old mutual severe illness cover

Private healthcare in South Africa doesn’t come cheap!

Most households that can afford to belong to a medical aid scheme spend a few thousand bucks a month for the reassurance that if they get sick, they can afford the best treatment possible. You might have more than enough medical savings for day-to-day GP visits, but if you got seriously ill (like being diagnosed with cancer) then you are going to need all the help you can get.

According to 2016 CANSA’s 2016 National Cancer Registry,

  • 1 in 7 South African women have a lifetime risk of being diagnosed with cancer.
  • 1 in 6 South African men have a lifetime risk of being diagnosed with cancer.

The 2020 stats from the Heart and Stroke Foundation SA aren’t any better:

  • 225 South Africans are killed by heart disease every day.
  • 10 people suffer a stroke in South Africa every hour.
  • 13% of deaths globally are attributed to high blood pressure.

With stats like these, it’s clear that having cover in place for severe illnesses is not a luxury anymore.  When a severe illness strikes it could mean being off work for an extended period.  That could mean that you have to take unpaid sick leave – resulting in the loss of your regular income. Will you be able to take care of your day-to-day or your family’s regular living expenses?

Old Mutual has introduced a few new benefits within its illness insurance protection range with cover from R100 000 to R6 million that can be used to cover expenses related to your illness like treatment and rehabilitation costs, or even helping to maintain your family’s lifestyle while you take time off to focus on your recovery.

Just like the rest of the product range, the cover is built-in modules. This means you get to customise your cover according to your needs. You pick your base cover, in this case, Old Mutual Protect Severe Illness Cover.  To that, you can add the extras you need at an extra cost, such as the new Returning Illness benefit which covers you for returning severe illnesses (such as cancer, heart attack or stroke) even after the full cover amount has already been paid, or another new addition, the For Women benefit, which covers female insured persons for conditions that affect only women.

Having a financial product that solves your illness insurance need incorporated into your financial plan gives you the peace of mind that you’ll be protected financially from the strain that comes with being diagnosed with a severe illness.

To get severe illness insurance that is built just for you, leave your details below and we will get an authorised Old Mutual financial adviser to contact you.

The InsuranceFundi Team

Disclaimer: Old Mutual Life Assurance Company (SA) Limited is a licensed FSP and Life Insurer.

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If you would like further information, submit your details below & we will contact you.